Rapid and constant changes of market factors and associated risks have a significant impact on the process of making timely and quality management decisions. Therefore, it is crucial for companies and their stakeholders to have detailed and transparent information that enables them to identify those risks, rate them and manage in order to create added value. In order to meet the global desire for more efficient business through the suppression and reduction of existing and potential risks, a new framework of transparent reporting based on the overall thinking and presentation of value creation over the short, medium and long term, has been developed. This is the so-called International Integrated Reporting Framework, according to which companies not only report on financial aspects but also on non-financial categories, and on how to create value across the entire business system of the company. Given that today's companies should base their business and the overall management system on sustainable development, and that the concept of integrated reporting is one of the basic tools for achieving socially responsible business, the question that arises is its recognizability on the global as well as domestic level. Therefore, this paper will analyze the overall concept of integrated reporting and the principle of efficiency as the basis of the value creation process. In addition, the role of creating value, types and ways of risk management as well as the importance of their assessment in making business decisions by investors and other direct and indirect stakeholders will be presented through best practice examples. The empirical part of the research will show how well the International Integrated Reporting Framework is recognized within Croatian and Slovenian companies and whether a greater level of business efficiency encourages companies to its implementation and a more socially responsible business through the presentation of economic, ecological and social aspects of business